A business owner’s personality, outlook will determine whether it succeeds, experts say

An entrepreneur’s personality, openness to new ideas and commitment to self-improvement will determine whether their company succeeds, a panel of experts said on Thursday.

“There’s a lot of competition out there and essentially people do business with people that they like,” said Anthony LaRosa, an executive director for business banking on Long Island at JPMorgan Chase Bank.

“You need to build phenomenal products, have a phenomenal team [of employees] … but the most important piece of the puzzle is building your brand. You want to ensure that you are likable,” he told about 40 small business owners during a summit at Molloy University in Rockville Centre.

LaRosa, who oversees 11 people who help about 1,100 companies in Nassau County with their finances, was among four experts who offered advice to both novice and veteran business owners at a half-day conference organized by the university and Chase.

Phil Andrews, president of the Long Island African American Chamber of Commerce, said entrepreneurs often forgot that their business could not grow beyond their capabilities. So, attendance at training programs and educational workshops is key to increasing sales, he said.

“The business owner has to make the time to get this training, to get this information,” Andrews said. “The business cannot be more than you are. … You have to be constantly developing as a person.”

He and the other panelists urged audience members to attend events where they can meet potential customers and suppliers, people who could be mentors, and those who run nearby businesses.

“Networking is critical,” said Kisha Chandler, a business career coordinator in Molloy’s business school. “Through networking you can develop relationships that you then can leverage to help your business grow.”

Planning, both for the short term and the long term, also is key to expanding a company — and it’s not being done in many cases.

Entrepreneurs are seeking loans and other types of financing without thinking about how the money will be used or introducing a product without first determining there is a demand for it, according to the panelists.

“You have to be very clear about what is the capital for because there are different [financial] products for different needs. … I don’t think people realize that,” said Giovana Bracchi, executive director of La Fuerza Community Development Corp. in East Norwich, which advises and provides financing to minority- and women-owned businesses.

Earlier, conference attendees heard about certification programs that help small businesses win contracts to supply goods and services to governments and private corporations. The certifications identify the business as being owned by a woman, veteran, disabled person, or a member of a minority group.

More than one certification may be required if the business wants to compete for contracts from multiple governments as well as the private sector. But the time and effort can lead to orders for the foreseeable future, said Franco Riofrio, a senior business consultant at Chase.

The discussion about how to be certified as a Minority- and Women-Owned Business Enterprise, or MWBE, reminded at least two attendees to complete the required paperwork.

“I’ve been laser focused on the back end of my business and haven’t gotten around to MWBE certification, but I will do it very shortly,” said Fenton Jagarnauth, owner of Fenton Jagan LLC, which makes closets and other wood products in Hempstead village. The company started in 2019 and has six employees.

MWBE certification “is another way to grow the business,” said Jagarnauth, adding he hopes to win certifications that can be used in New York State and nationwide. “But once you get the certification you have to do something with it. You have to have the fire within yourself to pursue the contracts, to win the orders.”

James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.